Japan’s MUFG mulls back-office centre in the Philippines

Japan’s largest bank, Mitsubishi UFJ Financial Group (MUFG), is reportedly planning to set up an Asian back-office centre in Manila. According to sources interviewed by Reuters, MUFG is planning to start the centre in the Philippine capital in its next financial year beginning April. The Manila back-office centre will take over some back-office operations of its branches in Singapore and Australia as part of MUFG’s efforts to improve the efficiency of its global operations. The sources said the Japanese lender picked Manila for its Asian back-office centre because of the country’s English-speaking population and its relatively low labour costs. The centre will reportedly start with several dozen staff and will eventually be expanded to several hundred over the coming years.